2017-09-28

Any blockchain-based solution is a virtual (invisible but real) intermediary (with its data, computing resources, workers, miners and decision makers) between people using this solution (the users). Actually, the users agreed to trust the goodwill of networked miners (not technology as claimed by many blockchain enthusiasts) to be able to work between themselves (e.g. carry out some transactions) without trusting each other. Although, some blockchain-based financial solutions already formed real infrastructures for their world-wide operations but they are lacking the legal endorsements from financial and governmental authorities.

It seems that the blockchain-technology and cryptocurrencies is a way for replacing the existing intermediaries by new ones. The majority of blockchain enthusiasts claims that their technology removes intermediates although this is not true.

However, it is possible to do such replacements differently. Possible examples are the following.